[Form 4] SAIA INC Insider Trading Activity

Rhea-AI Filing Summary

SAIA Inc.'s Executive Vice President & Chief Customer Officer reported routine changes in equity holdings. On 11/18/2025, the executive sold 1,000 shares of SAIA common stock at $266.57 per share, and held 4,902 shares directly afterward.

The filing also reports activity in phantom stock, a form of deferred equity. On the same date, the derivative position reflected 434.393 phantom stock units tied to a conversion rate of 1.1600, corresponding to 9,853.656 shares of common stock. The price of this derivative security is listed as $317.91, with 8,494.794 phantom stock units beneficially owned after the transaction. These phantom shares become payable in SAIA common stock when the executive’s employment ends, in line with the plan’s terms.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RAMU RAYMOND R

(Last) (First) (Middle)

11465 JOHNS CREEK PARKWAY, SUITE 400

(Street)

JOHNS CREEK GA 30097

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SAIA INC [ SAIA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Exec. VP & Chief Customer Off.

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/18/2025		S		1,000	D	$266.57	4,902	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(1)	11/18/2025		I		434.393		(2)	(3)	Common Stock	434.393	$317.91	8,494.794	D

Explanation of Responses:

1. The conversion rate of this derivative security on November 18, 2025 is 1.1600 resulting in 9,853.656 shares of common stock (underlying security in column 7).

2. Immediate

3. The shares of phantom stock become payable in the Company's common stock upon reporting person's termination of service as an employee, in accordance with the terms of the Plan.

Remarks:

	/s/ Kelly W. Benton	11/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did SAIA (SAIA) report on this Form 4?

The Form 4 reports that a SAIA Inc. Executive Vice President & Chief Customer Officer sold 1,000 shares of SAIA common stock on 11/18/2025 and reported changes in phantom stock holdings.

How many SAIA shares were sold and at what price on 11/18/2025?

The executive sold 1,000 shares of SAIA common stock at a price of $266.57 per share on 11/18/2025.

How many SAIA shares does the reporting person own after the transaction?

Following the reported sale, the executive directly beneficially owns 4,902 shares of SAIA common stock.

What phantom stock position did the SAIA executive report?

The filing shows 434.393 phantom stock units with a conversion rate of 1.1600, corresponding to 9,853.656 shares of SAIA common stock, at a derivative price of $317.91, and 8,494.794 phantom stock units owned after the transaction.

When do the SAIA phantom stock units become payable?

The phantom stock units become payable in SAIA common stock upon the reporting person’s termination of service as an employee, in accordance with the terms of the plan.

What is the reporting person’s role at SAIA (SAIA)?

The reporting person is an Officer of SAIA Inc., serving as Executive Vice President & Chief Customer Officer.